Summit X LLC Has $6.08 Million Stock Holdings in Visa Inc. $V

Summit X LLC grew its stake in shares of Visa Inc. (NYSE:V) by 97.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,136 shares of the credit-card processor’s stock after purchasing an additional 8,451 shares during the period. Visa makes up 1.1% of Summit X LLC’s investment portfolio, making the stock its 20th biggest holding. Summit X LLC’s holdings in Visa were worth $6,084,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in V. Yeomans Consulting Group Inc. boosted its holdings in Visa by 2.9% in the first quarter. Yeomans Consulting Group Inc. now owns 1,027 shares of the credit-card processor’s stock worth $360,000 after acquiring an additional 29 shares in the last quarter. Semus Wealth Partners LLC raised its position in shares of Visa by 0.8% during the first quarter. Semus Wealth Partners LLC now owns 3,449 shares of the credit-card processor’s stock worth $1,209,000 after purchasing an additional 29 shares during the period. BankPlus Wealth Management LLC grew its position in Visa by 0.9% in the 2nd quarter. BankPlus Wealth Management LLC now owns 3,338 shares of the credit-card processor’s stock valued at $1,185,000 after purchasing an additional 29 shares during the period. Transcendent Capital Group LLC grew its position in Visa by 2.9% in the 2nd quarter. Transcendent Capital Group LLC now owns 1,013 shares of the credit-card processor’s stock valued at $360,000 after purchasing an additional 29 shares during the period. Finally, Valued Retirements Inc. increased its stake in Visa by 4.3% during the 1st quarter. Valued Retirements Inc. now owns 728 shares of the credit-card processor’s stock valued at $255,000 after purchasing an additional 30 shares in the last quarter. Institutional investors own 82.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on V shares. Macquarie dropped their price objective on shares of Visa from $425.00 to $410.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 29th. UBS Group set a $425.00 target price on shares of Visa and gave the stock a “buy” rating in a report on Wednesday, October 29th. Robert W. Baird set a $425.00 price target on Visa in a research note on Wednesday, October 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Visa in a report on Wednesday, October 8th. Finally, Raymond James Financial restated an “outperform” rating and issued a $408.00 target price (up previously from $398.00) on shares of Visa in a report on Wednesday, October 29th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $400.00.

Visa Trading Down 0.5%

NYSE:V opened at $334.49 on Tuesday. Visa Inc. has a 52 week low of $299.00 and a 52 week high of $375.51. The firm has a 50-day moving average price of $343.17 and a two-hundred day moving average price of $348.83. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $613.05 billion, a price-to-earnings ratio of 32.76, a price-to-earnings-growth ratio of 2.03 and a beta of 0.87.

Visa (NYSE:V) last announced its earnings results on Tuesday, October 28th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.01. The firm had revenue of $10.72 billion for the quarter, compared to the consensus estimate of $10.60 billion. Visa had a return on equity of 60.31% and a net margin of 50.15%.The company’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.71 EPS. On average, equities analysts expect that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be paid a $0.67 dividend. This is a boost from Visa’s previous quarterly dividend of $0.59. The ex-dividend date is Wednesday, November 12th. This represents a $2.68 dividend on an annualized basis and a yield of 0.8%. Visa’s dividend payout ratio is currently 23.11%.

Insider Buying and Selling at Visa

In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of the sale, the general counsel directly owned 11,925 shares of the company’s stock, valued at $4,102,438.50. This trade represents a 14.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lloyd Carney sold 900 shares of Visa stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $336.48, for a total value of $302,832.00. Following the sale, the director owned 2,468 shares in the company, valued at $830,432.64. The trade was a 26.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 23,897 shares of company stock worth $8,164,561 in the last quarter. 0.13% of the stock is currently owned by company insiders.

About Visa

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.